The Mystery Of Economic Growth - 1900 Words

Introduction â€Å"In 2010, the prestigious Nemmers Prize in Economics, awarded biennially to recognize work of lasting significance, was given to Helpman for fundamental contributions to the understanding of modern international economics and the effects of political institutions on trade policy and economic growth† (Clement, 2012). â€Å"The Mystery of Economic Growth† that was written by Elhanan Helpman provides a non-technical description of growth economics over the last half of a century. This paper will connect theory to data of four major countries United States, French, Brazil, and Japan. The principle that emerges from â€Å"The Mystery of Economic Growth† is that long term growth comes from innovation and adoption of technology in an economy. Four outlooks that Elhanan Helpman has on economic growth that are relevant in his book are able to help readers connect theory to countries and see why economies behave the way they do. First, Innovati on of technology with new techniques of production helps globalization. Second, the gain of human capital for the explanation of growth rates in different counties. Third, Total Factor Productivity of technology and knowledge leads to greater prosperity and economic growth in a country. Fourth, economic intuitions play a role in economic growth by implementing policies. The next paragraphs will relate these outlooks from Helpman and compare them to the economies of the United States, French, Brazil, and Japan. InnovationShow MoreRelatedThe Mystery Of Economic Growth1812 Words   |  8 PagesIntroduction: Economists have always been asked why and how economic growth exists in a world filled with so much disparity between the richest and the poorest. First we need to define economic growth as that which is measured by change in real income per capita(Parker, 2015). 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